Bitcoin is expected to sharply correct upward following a break above the main resistance at $10436.

The cryptocurrency market is mixed red and green. Bitcoin is struggling to correct the negative retracement on the day after sliding 0.54%. Ethereum and Ripple are slightly bullish posting minor gains on the day. The selected cryptoasset leading the recovery on Tuesday is Litecoin which is up 2%.

The long-awaited ICE-backed exchange Bakkt has opened its custody service, Bakkt Warehouse in readiness for Bitcoin futures. The announcement made on Monday via Twitter said that “Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy.” The exchange is set go live with physically settled Bitcoin futures on September 23.

Bitcoin price technical picture

Bitcoin price hovers above $10,000 although upside movement is extremely limited. As to whether to the launch of the physically-delivered Bitcoin futures will result in improved Bitcoin performance is a situation that will wait to be seen.

However, the confluence detector tool places the first resistance at $10,329. There is a cluster of indicators at this level including the SMA 15-mins, previous high 15-mins, SMA 5 1-hour, Bollinger Band 15-mins Upper, SMA 100 15-mins, BB 1-hour middle among others.

Trading above this level should be a call for celebration as when glancing the reinforced resistance must be dealt with at $10,436.78. Converging here to from the confluence is the BB 4-hour middle, Fibonacci 38.2% 1-week, SMA 5 daily, SMA 50 daily, SMA 200 1-hour and SMA 100 1-hour among others.

We can expect impressive performance for Bitcoin following a break above $10,436.78. However, minor resistances are visible at $10,864, 10,970, 11,078 and $11,612.41.

Towards $10,000 the only viable support area is $10,223. Highlighted here is the Bollinger Band 1-hour, previous low 4-h BB 15-mins lower and SMA 100 daily among others. The other slightly stronger support zones are $10,009, $9,688 and $9,368.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Editors’ Picks

Bitcoin is trading between the Simple Moving Averages support and resistance. The 100 SMA on the four-hour chart is offering support at $10,149 while on the upside the 50 SMA will limit movement at $10,364.

Speaking in the interview with CNN, Garlinghouse confessed that Ripple was the largest owner of XRP tokens, and thus the most interested party in the success of the project. Meanwhile, selling XRP onto the market does not qualify as the best success strategy.

The cryptocurrency market situation has barely changed in recent 24 hours. Bitcoin and the majority of altcoins out of top-20 managed to recover during late Thursday hours; however, no major breakthroughs happened.

IOTA has defied the broad-based bear pressure to post a subtle 1.3% increase in value on the day. Prior to the impressive correction on Monday, IOTA was consolidating above the short-term support at $0.2350. The initial recovery from the recent low at $0.2268 failed to break the resistance $0.25.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.